<SEC-DOCUMENT>0000902664-23-002851.txt : 20230508
<SEC-HEADER>0000902664-23-002851.hdr.sgml : 20230508
<ACCEPTANCE-DATETIME>20230508115908
ACCESSION NUMBER:		0000902664-23-002851
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230508
DATE AS OF CHANGE:		20230508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXELIXIS, INC.
		CENTRAL INDEX KEY:			0000939767
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				043257395
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30235
		FILM NUMBER:		23896612

	BUSINESS ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		6508377000

	MAIL ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS INC
		DATE OF NAME CHANGE:	20000207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20000106

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Farallon Capital Partners, L.P.
		CENTRAL INDEX KEY:			0001175707
		IRS NUMBER:				943106322
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		C/O FARALLON PARTNERS, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 2100
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		(415) 421-2132

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON PARTNERS, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 2100
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FARALLON CAPITAL PARTNERS LP
		DATE OF NAME CHANGE:	20020617
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p23-1441dfan14a.htm
<DESCRIPTION>EXELIXIS, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Filed by the Registrant &#9744;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Filed by a Party other than the
Registrant &#9746;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify">Check the appropriate box:</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">Preliminary Proxy Statement</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Definitive Proxy Statement</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Definitive Additional Materials</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Soliciting Material Under Rule 14a-12</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Exelixis, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital Partners, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital Institutional
Partners, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital Institutional
Partners II, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital Institutional
Partners III, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Four Crossings Institutional
Partners V, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital Offshore Investors
II, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital (AM) Investors,
L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital F5 Master I,
L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Healthcare Partners
Master, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Capital Management,
L.L.C.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Partners, L.L.C.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Institutional (GP)
V, L.L.C.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon F5 (GP), L.L.C.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Farallon Healthcare Partners
(GP), L.L.C.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Joshua J. Dapice</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Philip D. Dreyfuss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Hannah E. Dunn</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Michael B. Fisch</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Richard B. Fried</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Varun N. Gehani</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Nicolas Giauque</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>David T. Kim</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Michael G. Linn</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Rajiv A. Patel</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Thomas G. Roberts, Jr.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Edric C. Saito</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>William Seybold</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Daniel S. Short</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Andrew J. M. Spokes</B></P>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>John R. Warren</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Mark C. Wehrly</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Richard Bollini</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Colby Clark</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Cameron Hillyer</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>David A. Posner</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Matthew Trentini</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Tomas J. Heyman</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>David E. Johnson</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Robert &ldquo;Bob&rdquo; Oliver,
Jr.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Caligan Partners LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>Caligan Partners Master
Fund LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;<BR STYLE="clear: both"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/85% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/85% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate box):</P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding-right: 5.75pt; padding-left: 5.75pt">No fee required.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</TD></TR>
  </TABLE>
<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">1)</TD>
    <TD STYLE="width: 84%; padding-right: 5.75pt; padding-left: 5.75pt">Title of each class of securities to which transaction applies:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">2)</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Aggregate number of securities to which transaction applies:</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">3)</TD>
    <TD STYLE="vertical-align: bottom; width: 84%; padding-right: 5.75pt; padding-left: 5.75pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">4)</TD>
    <TD STYLE="width: 84%; padding-right: 5.75pt; padding-left: 5.75pt">Proposed maximum aggregate value of transaction:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">5)</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Total fee paid:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding-right: 5.75pt; padding-left: 5.75pt">Fee paid previously with preliminary materials.</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding-right: 5.75pt; padding-left: 5.75pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">1)</TD>
    <TD STYLE="width: 84%; padding-right: 5.75pt; padding-left: 5.75pt">Amount Previously Paid:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">2)</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Form, Schedule or Registration Statement No.:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">3)</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Filing Party:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">4)</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">Date Filed:</TD></TR></TABLE>


<P STYLE="font: 11pt/85% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/85% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 28pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">On
May 7, 2023, Farallon Capital Management, L.L.C. and certain of its affiliates issued a press release (the &ldquo;Press Release&rdquo;)
related to Exelixis, Inc. A copy of the Press Release is filed herewith as <U>Exhibit 1</U>.</FONT></P>


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<P STYLE="text-align: right; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Exhibit 1</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Farallon Capital Management Comments on Successful
Campaign for Change at Exelixis </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Pleased that Dave Johnson is Now Anticipated to
Join Fellow Farallon Nominees Tom Heyman and Bob Oliver on Exelixis&rsquo; Board of Directors<BR>
<BR>
</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Urges Shareholders to Send Clearest Message Possible
That the Status Quo Cannot Continue by Voting to Elect <U>All Three</U> of Farallon&rsquo;s Independent Nominees</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">SAN FRANCISCO &ndash; May 7, 2023 &ndash; Funds managed
by Farallon Capital Management, L.L.C. (&ldquo;Farallon&rdquo;) own approximately 7.2% of the outstanding shares of Exelixis, Inc. (NASDAQ:
EXEL) (&ldquo;Exelixis&rdquo; or the &ldquo;Company&rdquo;), making it the Company&rsquo;s largest active shareholder. Farallon nominated
three exceptional candidates for election to the Exelixis Board of Directors (the &ldquo;Board&rdquo;) at the upcoming Annual Meeting
of Shareholders, which will be held on May 31, 2023. Exelixis had previously agreed to support two of Farallon&rsquo;s nominees, Tom Heyman
and Bob Oliver.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Today, incumbent director Lance Willsey, whom Farallon
had targeted for replacement on the Board by Farallon&rsquo;s third candidate, Dave Johnson, resigned from his directorship and determined
he would not stand for reelection. As a result, Dave Johnson is expected to be elected to the Company&rsquo;s Board.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Farallon stated:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;This election is about catalyzing
change at a company that has long resisted making meaningful adjustments to its R&amp;D priorities and capital allocation approach. With
the anticipated election of all three Farallon nominees, we expect the Board to now objectively review the Company&rsquo;s longstanding
underperformance and genuinely consider the opportunities for improvement through a more focused R&amp;D effort.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">It is unfortunate that it took our engagement
for the Company to initiate a share repurchase plan and our proxy contest to compel the Board to refresh its stale Board of Directors.
The Board&rsquo;s insistence on contesting our nominees until now underscores its aversion to change.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">Fortunately, the Farallon candidates are
positioned to bring fresh perspectives to the Board. Dave Johnson will bring current biotechnology expertise, a shareholder mindset and
much-needed independence and objectivity to the boardroom. We believe he will be an exceptional addition, and together with Farallon candidates
Tom Heyman and Bob Oliver, will help drive long-overdue change at Exelixis.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">We and our fellow shareholders must remain
vigilant at Exelixis, or the Board and Company may fall back into old patterns. Exelixis has a tremendous opportunity to benefit patients
and shareholders by communicating a clear strategy, focusing its R&amp;D efforts and improving capital allocation. In order to ensure
these things happen, it is essential that an unequivocal message be sent to the Company that shareholders will not accept any further
foot dragging or attempts to preserve the status quo. This is why we urge shareholders to vote for all three of our candidates.&rdquo;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>We urge shareholders to vote &ldquo;FOR&rdquo;
each of the Farallon Nominees. </B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Farallon</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Farallon Capital Management, L.L.C., is a global
investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since
1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis
emphasizing capital preservation. More information on Farallon is available at www.faralloncapital.com.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Disclaimer</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release does not constitute an offer to
sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not
recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of
the Company will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the
discussions and opinions herein are for general information only, and are not intended to provide investment advice.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release contains forward-looking statements.
Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying
assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations,
services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified
by the words &ldquo;expects&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;, &ldquo;intends&rdquo;, &ldquo;estimates&rdquo;,
&ldquo;plans&rdquo;, &ldquo;will be&rdquo; and similar expressions. Although Farallon (as defined below) believes that the expectations
reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements
are subject to various risks and uncertainties&mdash;many of which are difficult to predict and are generally beyond the control of Farallon
or the Company&mdash;that could cause actual results and developments to differ materially from those expressed in, or implied or projected
by, the forward-looking information and statements. These risks and uncertainties are enumerated in the Company&rsquo;s public filings.
In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the
risks and cautionary statements discussed or identified in the Company&rsquo;s public filings with the United States Securities and Exchange
Commission (the &ldquo;SEC&rdquo;), including those listed under &ldquo;Risk Factors&rdquo; in the Company&rsquo;s annual reports on
Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date hereof and, other than as required
by applicable law, Farallon does not undertake any obligation to update or revise any forward-looking information or statements. Certain
information included in this material is based on data obtained from sources considered to be reliable. Any analyses provided to assist
the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and
may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual
and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and, unless required
by law, are subject to revision without notice.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Funds managed by Farallon Capital Management, L.L.C. (&ldquo;Farallon Capital Management&rdquo;)
currently beneficially own shares of the Company. These funds are in the business of trading (i.e., buying and selling) securities and
may continue trading in the securities of the Company, subject to applicable law. You should assume such funds will from time to time
sell all or a portion of their holdings of the Company in open market transactions or otherwise, buy additional shares (in open market
or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating
to such shares, subject to applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Consequently, Farallon Capital Management&rsquo;s
beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without
regard to Farallon Capital Management&rsquo;s views of the Company&rsquo;s business, prospects, or valuation (including the market price
of the Company&rsquo;s shares), including, without limitation, other investment opportunities available to Farallon Capital Management,
concentration of positions in the portfolios managed by Farallon Capital Management, conditions in the securities markets and general
economic and industry conditions. Farallon Capital Management also reserves the right to change the opinions expressed herein and its
intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it
may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required
by law.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Important Information</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Farallon Capital Partners, L.P. (together with its
affiliates, &ldquo;Farallon&rdquo;), together with certain other persons acting as participants in the solicitation of shareholders of
the Company by Farallon in connection with the Company&rsquo;s 2023 annual meeting of shareholders (the &ldquo;2023 Annual Meeting&rdquo;),
have filed a definitive proxy statement and accompanying proxy card with the SEC on May 3, 2023. Shareholders are advised to read the
definitive proxy statement and any other documents related to the 2023 Annual Meeting as they contain important information. The Company
has announced that Lance Willsey resigned from its Board of Directors, effective May 7, 2023. Accordingly, the Company has indicated that
any votes for Mr. Willsey will be disregarded and will not be counted at the 2023 Annual Meeting.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The definitive proxy statement and other relevant
documents are available free of charge on the SEC&rsquo;s website at https://www.sec.gov, as well as on Farallon&rsquo;s website in connection
with the 2023 Annual Meeting at https://www.FocusEXEL.com. Shareholders may also direct a request to Farallon&rsquo;s proxy solicitor,
MacKenzie Partners, Inc., 1407 Broadway, 27th Floor, New York, New York 10018 (shareholders can call toll-free at 1-800-322-2885).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Contacts</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>For Investors:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">MacKenzie Partners, Inc.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Bob Marese, 1-800-322-2885</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">proxy@mackenziepartners.com</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>For Media:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Longacre Square Partners</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Dan Zacchei / Charlotte Kiaie, 646-386-0091</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Farallon@longacresquare.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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